Remarks by Governor Ben S. Bernanke: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again. At the Conference to Honor Milton Friedman, University of Chicago, Chicago, Illinois. November 8, 2002.
Many wonderful citizens are under the illusion that the United States economy is an example of a perfect free market economy, which is contrary to the harsh reality. Our establishment historians would like us to believe that the Federal Reserve was formed on December 23, 1913 to resolve financial panics and to regulate the financial industry.
Their own descriptions incriminate themselves. If this institution is supposed to benefit the citizens in America, it is very strange that they, themselves say that: “As a privately owned central bank and not an independent federal government agency, the Board of Governors does not receive funding from Congress, and the terms of the seven members of the Board span multiple presidential and congressional terms.”
This would imply that the agency is independent from any control by Congress and as being such, the profits are gained by those invested in this privately owned central bank.
On October 9, 2013, [Janet] Yellen was officially nominated to replace Bernanke as head of the Federal Reserve. During the nomination hearings held on November 14, 2013, Yellen defended the more than $3 trillion in stimulus funds that the Fed has been injecting into the U.S. economy, which continue to grow at a rate of $85 billion a month.
Before the Depression hit, it was estimated that the Feds expanded the money supply by some 62%. We have seen similar behavior in recent years. The stock market is bloated and some might deem overpriced. This is another bubble ready to burst.
You heard it from Ben S. Bernanke. The market is rigged. Nevertheless Ben, we think that you have done it again…
